Arsenal were handed a transfer dilemma earlier this month when news emerged that Zaha was keen on leaving Palace for the club he supported as a boy.
Gunners bosses were intent on bringing the player to north London but the requested fee remained a huge hurdle.
Arsenal had a £40m bid rejected in a weak attempt to secure the player’s services, and are now set to sign an alternative.
According to the Mirror, club chiefs are keen to pursue a £36m deal to sign Everton Soares from Gremio after his impressive Copa America campaign for Brazil.
Zaha is still likely to leave Palace this summer with the likely destination now Marco Silva’s Everton, in a move that will break their transfer record.
Arsenal fans will be keen to know if Everton Soares could be as impressive a signing as Zaha would’ve been, and will look to his recent international performances for inspiration.
The 23-year-old winger finished as top scorer as Brazil took home the Copa America title, after he scored 15 goals in 31 matches last season at club level.
One player that has already secured a move to Arsenal is Real Madrid midfielder Dani Ceballos, who chose to praise the influence of Unai Emery in his decision to join the club.
“I knew I had the confidence of the coach, which was very important for me from the start,” Ceballos told the club’s official website.
“I was aware of the responsibility that wearing this shirt entails and it was a tremendously proud moment when I decided to join Arsenal.
“The coach was the turning point in terms of me joining this massive club.
“He’s a Spanish coach and he knows me from my time at other clubs. I’m really happy to be able to help Arsenal achieve our objectives.
“He’s a very tactical coach and I think that’s going to really help me to perfect my positioning.
“I think we’re both going to try our best to make me a better player.”
Emery said of his new loan signing: “We’re excited to see Dani join us.
“He is a talented player with big technical ability, creativity and precision.”